Yesterday careless People’s Daily editors and non fact-checking Bloomberg reporters sent jitters through world currency markets by claiming that the yuan was about to be revalued.
Today the International Herald Tribune is trying to cause a completely opposite reaction in the marketplace, with a headline suggesting that the yuan might be devalued.
The error is not just caused by careless proofreading, but is the work an editor who has no clue at all what the fuss is about. The last sentence of the article says “Some critics of China’s currency policy complain that the yuan is overvalued by up to 40 percent.”
Excuse me a second, isn’t the pressure to revalue the yuan because the yuan is considered to be undervalued, making Chinese products unfairly cheap?
LINKS:
IHT: Markets gyrate on talk of yuan devaluation
Danwei: Careless People’s Daily editors and non fact-checking Bloomberg reporters
Thanks to Michael G. in Shenzhen for the link.